Going global is one of the best things you can do to increase your business’s overall growth. At reesmarx, we are experts on international expansion, and we believe that, in order to see your organization’s full potential and success, global expansion is a must. Each year, thousands of businesses choose to go global; this might make you wonder, “should my company be doing the same?” Our answer is yes! But if you’re still on the fence, let’s take a look at some of the top benefits your business could tap into when you choose to expand internationally!
1. Greater Access to Talents
The world is filled with high-quality talents waiting for their next big job opportunity. Hiring global talents gives your company an advantage over other domestic competitors by granting you access to candidates with diverse skills and mindsets that may be hard to come by in your local regions. Having access to an international pool allows you to better localize your business; this can help your business to better suit the needs of your new market. Remember, these talents are locals to the country you’re expanding into, and they can provide unique insights into local, professional, and cultural norms so that your company is better prepared to serve your new market and customer base.
2. Entry Into New and Diverse Markets
After your company has become successful within your home country, it might be time to look at other markets overseas. Arguably, one of the greatest advantages to entering a new market, is having an entirely new set of consumers at your fingertips. When you bring your business to a new country, your product could be new to that market which gives you the ultimate advantage of new consumer attraction. If what you sell is already in the market, this could be your opportunity to separate yourself from the competition and bring consumers some diversity in the products they seek to buy.
It’s easy to think that by staying in your home market there is a lower risk of failure, however, this isn’t always true. In reality, there is actually less risk of failure when you expand internationally, especially when your company enters more than one new market. If a market fails in one of your company’s locations – whether it be through a natural disaster, recession, etc.— you will always have another market that can keep your company on its feet until the failed market is able to repair.
3. Access to New Revenue Potential
Once you have exhausted the growth opportunities within your company’s home country, the only way to increase your revenue stream is through global expansion. When you extend your business model into new territories, you open your company to a new set of potential consumers. A broader customer pool always means more sales opportunities which inevitably increases your company’s overall revenue value. The more your company grows, the greater the number of revenue streams it will bring in. Without global expansion, your company’s revenue is limited strictly to the average income that your home market can offer.
4. Increased Company Reputation
We see examples of globalized businesses in our everyday lives; Apple, Coca-Cola, Nokia, Ikea—the list goes on. Most people buy and use products from these companies, and even if they don’t, they’ve still heard of them. Why? Because they’ve been able to successfully grow and market their businesses on an international scale. Having a good global reputation attracts new customers, exponentially boosts sales, and establishes credibility. When your company becomes a household name in countries across the globe, you build trust with your consumers, and this trust keeps your consumers coming back for more which makes your sales soar above your competition.
5. Gained Competitive Advantage
Market oversaturation can be a real disadvantage to businesses looking to outshine their competitors. When you take your business overseas, you immediately get a leg up on your competition by forging into a new market. Now, not only are you able to leave the saturated market in your home country, but you can reap the benefits a new market that will grow your company’s notoriety (hopefully before they even learn the names of your competitors). You get the first shot at winning over international consumers which gives you the ultimate competitive advantage when you go global.
International expansion can seem like daunting endeavor to take on, but it’s ultimately one of the best things you can do for your company’s success. So, is it worth it? Absolutely! Now that you know and understand the benefits of global expansion, we hope that you will take the time to better learn why international expansion should be your next step.
If you’re ready to get started on your international business expansion journey, contact our business expansion experts today!
